Controversial process: Chesapeake helped pioneer the extraction of oil and gas reserves from shale rock formations called hydraulic fracturing or fracking. — Bloomberg
NEW YORK: Chesapeake Energy Corp is preparing to file for bankruptcy as soon as this week, according to sources, becoming the largest oil and gas producer to unravel after an energy market rout caused by the coronavirus outbreak.
The Oklahoma City-based company, co-founded by the late wildcatter Aubrey McClendon, is in the final stages of negotiating a roughly US$900mil debtor-in-possession loan to support its operations while under Chapter 11 bankruptcy-court protection, two of the sources said.
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